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New York Residence, Inc. has been retained by the seller to offer for sale this 10,500 square foot one-story industrial property located in Jamaica, Queens. The building is 10,500 square feet sitting on a 75 x 100 square foot lot. The one-story building stands at 27 feet tall. The property falls within the Qualified Opportunity Zone, office, manufacturing, and auto repair. In addition, there is 4,505 square feet of unused FAR. The current tenants are an iron fabrication company and an auto collision and repair shop. Both tenants have been in their current location for ten years. The tenants' leases run through June 30, 2028 and August 15, 2028. Both tenants are fully responsible for all repairs and maintenance of their respective leased spaces. Each tenant is paying below market rent. There is an opportunity for an investor to raise the tenants' rent at the end of their leases or find new tenants to pay market rent at an estimate of $30 per square foot, or an annual rent roll of $315,000. The projected rent roll, based on current market conditions, is more than enough to cover the current real estate tax of $39,761. Both warehouse spaces have their own electric rolling gate and their own curb cut to allow for deliveries and storage of work vehicles. There is an oversized skylight within each space to allow for abundant natural light into the work areas. There is an additional storage shed on the side of the property and space for additional parking. This extra area is also secured by a locked gate. The collision shop tenant has about 800 square feet in office space above the main floor. There is a wall of windows for the management team to view into the warehouse workspace and monitor the staff. Each of the four offices are windowed and so is the customer reception/waiting area. The industrial property is perfectly situated in the middle of public transportation choices within a seven-minute walk: Long Island Railroad, E, J, and Z trains, Airtrain JFK, and multiple bus lines running throughout Queens, to a distance of The Bronx, Rockaways, Midtown, and Hicksville (Nassau), with stops at Jamaica Center / Parsons Archer Station. Further, the industrial property is accessible by car from the Van Wyck Expressway, Belt Parkway, Hillside Ave, and Grand Central Parkway. This provides many options for your employees and clients. Also, there is street parking available. All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer. |
